Business Simulation in Excel
This course will enable you to:
- Understand the basics of business simulation in Excel
- Use Excel to create cost-efficient, effective business simulations
- Understand what constitutes good data, and how to properly analyse it
- Learn how to set up queuing simulations, and their importance
- Gain an understanding of financial models and the value they provide
As accountants, we use Microsoft Excel all the time. But have you ever created a business simulation in Excel? Often, we assume more sophisticated and expensive software is required for business simulation, but Excel can often be the more cost-effective and efficient choice.
This course takes you through the basics of business simulation in Excel, and guides you through building some very illuminating simulations. It also looks at the importance of collecting good data for analysis and explores how to set up queuing simulations and financial models to aid decision making.
- What is business simulation?
- Business simulation with Excel
- The principles of business simulation
- Types of business simulation
- Why simulate?
- The dangers of simulations in Excel
- Business uncertainty
- How to begin
- Identifying stakeholders
- Agreeing on the question
- Agreeing on a model
- Planning the data
- Using data
- Modelling demand
Better data, better results
- Using real data
- Selecting actual data
- Normal distribution
- Determining whether data is normally distributed
- Examining the characteristics of a data sample
- How to show if a set of data is normally distributed
- Selecting data using a normal distribution
- Exploring the use of a normal distribution in a simulation
Queuing and waiting
- Simulating queues
- Challenges in queuing
- Generating random events from a Poisson distribution
- Queuing in the call centre
- Queuing and resource requirements
- Using a Poisson distribution
- Getting more sophisticated
- Get with the process
- Understanding the digibox
- Simulation in financial models
- Modelling input costs
- Cashflow simulation with highly variable input costs
- Qualectro and input cost modelling
- Modelling customer demand in a simulation
- Using a Poisson distribution to model customer demand
- Modelling cashflow using the Poisson distribution
- Understanding Qualectro
- Going up a gear
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